PSX: Buying coninues, KSE-100 gains over 400 points
Buying continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 400 points during the opening minutes of trading on Tuesday. At 10:10am, the benchmark index was hovering at 171,562.37, up by 409.21 points or 0.24%. Buying was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, power generation…
The Pakistan Stock Exchange (PSX) witnessed a significant surge on Tuesday, with the KSE-100 Index gaining over 400 points in the opening minutes of trading. The index was trading at 171,562.37, marking a gain of 409.21 points, or 0.24% by 10:10am. Investors were actively buying stocks in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, power generation, and refineries.
Prominent index-heavy stocks such as ARL, HUBCO, MARI, OGDC, POL, HBL, MCB, MEBL, and NBP were all trading positively.
On Monday, the PSX traded within a range and exhibited mixed performance as investors grappled with a mix of factors, including easing international oil prices, expectations of additional Saudi crude supplies, and heightened regional geopolitical tensions. The KSE-100 Index had managed to gain 268.58 points, or 0.16%, to close at 171,153.17 points.
On the global front, technology stocks led Asian markets higher on Tuesday as falling oil prices boosted investor sentiment and hopes for US-Iran talks. The dollar remained strong amid expectations of further interest rate hikes to combat inflation concerns. Furthermore, the incoming meeting between US President Donald Trump and Chinese President Xi Jinping on Wednesday has drawn attention from investors, who are eagerly awaiting any indications of a resolution to the strained relations between the two nations.
President Trump signaled his willingness to engage with Iranian President Masoud Pezeshkian, whose visit to New York this week for the UN General Assembly could potentially contribute to a more favorable tone and support bond yields.
MSCI's broadest Asia-Pacific index outside Japan rose over 1% in early trading, while tech-heavy South Korean stocks surged nearly 2%, and Taiwan shares climbed by 1.3%. Japan's markets were closed for a holiday. Nasdaq futures climbed 0.37%, while European futures increased by 0.3%. The buzz surrounding artificial intelligence (AI) has been fueled by the positive reception of Meta's Muse AI assistant.
China's blue-chip stock index rose 0.75%, and Hong Kong's Hang Seng index added 0.4%. Chinese and Hong Kong AI stocks also experienced significant gains. This report provides an update on the intraday developments of the day.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
